If your idea of the perfect summer vacation is to lie on the beach and read bestsellers or to visit architectural landmarks by day and Michelin-starred restaurants by night, you may not think Jackson Hole is your cup of tea—at least on paper. The landmarks in this photogenic corner of Wyoming, which hugs the borders of Utah and Idaho and lies just south of Yellowstone park, are of the natural kind: 13,000-foot-high snowcapped peaks so jagged they look like shark's teeth and shimmering lakes rarely disturbed by boat traffic. Wildlife sightings—of bear, elk, moose, wolves, coyotes, and the occasional Big Horn sheep—begin a hundred yards from the airport.

This is big-sky country, with miles of woodland and scrub-covered plains and the undulating ribbon of the Snake River, world famous for fly-fishing, never far from sight. It's how the American West—the mythic, grandiose West of Wallace Stegner novels and Ansel Adams photographs—looked pre-sprawl, and the cumulative effect of being in the midst of such raw, unpopulated land is to calm the nerves and lift the spirit. Frankly, with all the hiking, rafting, fishing, horseback riding, and good, old-fashioned sightseeing from behind the wheel of a car, there's too much to do in Jackson Hole to have time to read a book (save that for the plane trip home).

"The place is just magical," says Los Angeles designer Madeline Stuart, who has visited Jackson Hole dozens of times, both for work (a house she decorated there was featured in the November 2009 ELLE DECOR) and fun (family rafting and ski trips). "I was born in New York and grew up in L.A., and you would hardly consider me the outdoorsy type—I'm more comfortable in high heels on concrete sidewalks than I am wearing a backpack and hiking shoes," Stuart concedes. "And yet, when I get to Jackson Hole I am overwhelmed by the majesty of the Teton mountain range and the colors and the history, which is so much a part of the American West. When you see a place like this you are reminded that there is still so much natural beauty in this country."

The earliest settlers, first Indians and then fur trappers from Canada, fell for its beauty too. Named for an early-19th-century trapper who liked hunting the valley (trappers commonly used the word hole to describe a valley basin), Jackson was a typical cowboy town by the 1900s, with pert, foursquare cabins, a saloon, and a general store lining the town square. But what saved Jackson from the common fates of most Western towns—overbuilding or abandonment—was that almost as soon as settlers arrived, the federal government set aside land for forestry use. Then, in 1926, oil magnate and philanthropist John D. Rockefeller Jr. paid a visit, and he went to work buying up and preserving thousands more acres, including mountain peaks, glacial lakes, and waterfalls galore, to form the Grand Teton National Park. Today, 97 percent of the 50-mile-long valley remains pristine parkland, protected from development of any kind.

Now a new generation of pioneers is putting a decidedly stylish stamp on the area. Like many of the youthful, active residents who have moved here for some of the best skiing in the world, Gavin Fine came for "the good life," as he calls it. A graduate of the hotel management school at Cornell University, Fine was inspired by such lively, unpretentious restaurants as Balthazar and Lupa in New York City and wanted to open inviting places that weren't too expensive. He's done just that with a handful of dining rooms including Rendezvous Bistro, a local hot spot celebrating its 10th anniversary; an upscale barbecue joint, all sleek steel and wood, called Q Roadhouse; and Il Villaggio Osteria, a hip Italian restaurant where the people watching (Sandra Bullock and Harrison Ford have homes in Jackson) is as good as the food (wild-boar ravioli, cherry-tomato pizza, fried Brussels sprouts with pomegranate).

John Frechette, a former corporate-bond trader for Bank of America who gave up Wall Street for his own good life in Jackson Hole, is another recent transplant bringing a dose of chic to the valley. He has a slumping economy to thank for being able to afford the rent on a home furnishings store in Gaslight Alley called Made, which he opened last summer. The petite shop is packed with handcrafted housewares, from pillows covered in recycled burlap and linen to cocktail glassware with vintage flair. "A lot of stores that have opened are young and independent versus the T-shirt-and-souvenir shops of old," Frechette says.

Take Flower Hardware, for example. In a handsomely renovated cabin on Deloney Avenue, Cecelia Heffernan's industrial-chic shop offers flowers, of course, such as artful arrangements of clematis, poppies, and hydrangeas. But the real draw is her collection of European and South American vintage light fixtures and garden furniture, Art Deco tables, and antique glassware.

"The town is fast becoming less log cabin and more contemporary," Frechette continues. "It's a different vibe, which is great."

That new vibe is luring sophisticated pleasure seekers, whether they are in search of the rustic or the refined. Gracious hotels that aim to pamper include the glam Four Seasons and the eco-chic Hotel Terra, both at the foot of the area's renowned ski resort and less than a mile from a park entrance; and the coolly elegant, Zenlike Amangani, perched on the top of a butte in what feels like the middle of nowhere. (It says a lot about Jackson Hole's allure that Amanresorts chose the valley for its first American property.) Jenny Lake Lodge, in the heart of the park, has been welcoming nature lovers to its romantic log cabins for almost 100 years.

The restaurant scene is just as appealing and swings from classic Western (Snake River Grill, Jackson's first and still best top-drawer dining room) to inventive Asian (candlelit Koshu for pan-Asian, Blu Kitchen for glistening sashimi and Japanese small plates) to casual, authentic Mexican (Pica's margaritas are made with freshly squeezed lime juice—enough said).

But before the cocktail hour, you'll want to get outdoors and savor the mountain air. Jackson Hole has some of the best hiking in the Rockies, with more than 200 miles of dirt trails. Several lead up to or meander around glacial lakes, almost navy in color under the purple-blue sky and perfect for a quick, refreshing plunge (even in August the water is heart-thumpingly cold).

The most picturesque way to start a hike in Grand Teton National Park is with a 10-minute boat ride across Jenny Lake, skirted by the majestic Teton mountain range (the earlier you set out, the more serene and less touristy the ride). Day treks from there include the easy Hidden Falls trail, where the payoff is a bird's-eye view of the 200-foot-high Cascade waterfall; the more strenuous hike from Lupine Meadows up to Amphitheater Lake, across an otherworldly rock-strewn landscape; and Paintbrush Canyon, which turns into wildflower heaven in July, when the fields are on fire, figuratively speaking, with Indian Paintbrush, the bright-red state flower.

After a day of hiking, your tired legs will demand a break, and there's probably nothing more pleasant and fun to do in Jackson Hole than float down the Snake River—by raft, inflatable kayak, or wood boat. Flowing through four northwestern states, from Wyoming to Washington, the Snake is alternately skinny and wide, languid and frothy. A popular, family-friendly stretch to raft is about 15 miles south of town, and outfitters will drop you in upriver, and pick you up eight miles down. There, the river is wide and deep, with one short section of rapids for a little excitement amid the calming effect of drifting on water. For a more away-from-it-all float, try the north section of the Snake River, which begins in Teton park. If you look carefully, you're bound to see long-legged egrets wading in the marshes or bald eagles perched on treetops, eyeing your passage.

Of course, Jackson isn't all rugged sports and extreme challenges. The very same youth movement that is jazzing up the shopping and dining scenes is also imbuing the valley with cultural energy. Six years ago, the Center for the Arts opened in a soaring glass-and-steel pavilion, and a 525-seat theater was recently added for dance and musical performances. Galleries showcasing contemporary art are popping up too (though they're in the minority compared to the ones selling paintings of the Tetons and sculptures of Indians and wildlife). Tayloe Piggott Gallery, on Glenwood Street, features the cutting-edge work of Caio Fonseca and the Starn twins, among others. And at the Grand Teton Music Festival, which marks its golden anniversary this summer, classical symphonies, bluegrass guitar, jazz, and more are on the jam-packed calendar.

There's a saying in Jackson Hole that people come for the skiing, but they stay for the summer—and summer surely is the sweet season here. Cold, crisp mornings (pack your fleece!) give way to long, bluebird days occasionally interrupted by fierce, fast-moving thunderstorms that cool things off and add a dramatic flourish to the already dramatic landscape. For many visitors, a perfect day begins outdoors (and, for the lucky, with the sighting of an enormous moose or a regal elk); includes a margarita, preferably on the rooftop deck of Dornan's bar in the adorably named Moose village, with all the Teton peaks spread out like a panoramic viewfinder; and wraps up with a delicious dinner on the town that's as beguiling as any top spot in L.A. or New York—but without the stress. Now doesn't that sound like your cup of tea?

It's all about the views. You'll never tire of looking at the snowcapped granite peaks of the Teton range, anchored by the 13,775-foot-high Grand Teton, which cast jagged shadows on the valley's deep-blue glacial lakes below.

Hit the trails—or the river. Grand Teton National Park offers more than 200 miles of hiking trails, from a gentle stroll around Jenny Lake to a challenging trek up to Amphitheater Lake (grand.teton.national-park.com/hike.htm). For a peaceful outing, raft the Snake, where wildlife abounds (barkerewing.com), or try your hand at fly-fishing in a custom-made wood boat (woodboattours.com).

Salute the sunset. Catch the last glimpse of the mountains in the waning pink-peach light and toast the end of a long, fun day with a margarita or locally made Snake River Pale Ale on the rooftop deck of Dornan's in the park's tiny, timeless Moose village (dornans.com).

WHAT TO SEE

Center for the Arts, 265 S. Cache St., 733-4900; jhcenterforthearts.org: Art shows, film screenings, and dance and music performances are on the agenda at this gleaming facility.

Jackson Hole Rodeo, 447 W. Snow King Ave., 733-7927; jacksonholerodeo.us: The town turns out for rodeo night each Wednesday and Saturday from June to mid-September, when true cowboys and cowgirls compete in roping, bronco riding, and barrel racing.

Jackson Town Square: Four huge arches created entirely from elk antlers serve as entrances to the town's central park. Hokey? Maybe. But the town square is magical, especially when the arches are illuminated at night.

National Museum of Wildlife Art, 2820 Rungius Rd., 733-5771; wildlifeart.org: Paintings, sculpture, and works on paper all devoted to images of beasts great and small inhabit the galleries of this museum on the outskirts of town, across the road from the world's largest elk reserve.

Four Seasons Resort, 7680 Granite Loop Rd., Teton Village, 732-5000; fourseasons.com/jacksonhole: A sanctuary for sybarites that has the feel of a chic Western lodge, complete with a 12,000-square-foot spa and in-house "base camp" that organizes outdoor adventures.

Hotel Terra, 3335 W. Village Dr., Teton Village, 739-4000; hotelterrajacksonhole.com: This eco-friendly and eco-chic property, conveniently located near an entrance to Grand Teton

National Park, has a pared-down look, hip vibe, and gracious staff.

Jenny Lake Lodge, Inner Park Rd., Moose, 733-4647; gtlc.com: A timeless treasure in the heart of the park, the rustic yet upscale lodge has been a haven for nature lovers since 1920.

The Wort Hotel, 50 N. Glenwood St., 733-2190; worthotel.com: Jackson's first luxury hotel, the Wort opened in 1941 and is an ode to the Wild West, with themed suites (the Cowgirl features a rawhide ceiling and red decor) and, at the Silver Dollar bar, the most happening happy hour in town.

WHERE TO EAT

Couloir, Jackson Hole Mountain Resort, Teton Village, 739-2675; jacksonhole.com: A gondola ride delivers diners up to this airy, glass-wrapped space (come early for cocktails on the deck), and for dinner, there are updated American classics (Sagebrush Fries are mandatory) and a gem-filled wine list.

Made, Gaslight Alley, 125 N. Cache St., 690-7957; madejacksonhole.com: John Frechette packs his small home-furnishings shop with an amusing mix of glassware, dishes, lighting, and pillows—all hand made by artisans around the country.